Bengaluru: In a significant development for Karnataka’s economy, Chief Minister Siddaramaiah met with Hon Hai Technology Group (Foxconn) CEO and Chairman Young Liu to discuss expanding the company’s footprint in the state. The meeting focused on accelerating Foxconn’s existing and upcoming projects, which are expected to bolster Karnataka’s economic growth, generate employment, and foster technological advancement.
Foxconn is poised to establish a massive mobile phone assembly unit, dubbed ‘Project Elephant’, in Karnataka. This project, spanning 300 acres in the ITIR Industrial area, is set to attract a substantial investment of Rs 22,000 crore and create over 40,000 job opportunities.
The state government has been actively courting Foxconn, with a Memorandum of Understanding signed last year and a subsequent investment approval of $1 billion for an iPhone factory. This figure was later escalated to $1.7 billion.
Karnataka’s overtures come on the heels of Prime Minister Narendra Modi’s meeting with Young Liu to discuss Foxconn’s broader investment plans in India. The company is eyeing expansion in various domains, including iPad assembly in Tamil Nadu and AI server manufacturing within the country.
Foxconn’s growing interest in India is evident, with the company aiming to double its investments and business size in the nation within a year, as per its India representative V Lee.
Karnataka, with its conducive business environment and skilled workforce, is emerging as a preferred destination for global tech giants. The state government’s proactive approach in facilitating investments and creating a supportive ecosystem is expected to yield substantial dividends in the coming years.
